Startupbootcamp, Mara Group, and Blend Financial Services have announced plans to launch a $250 million fund aimed at accelerating the growth of African technology startups.
According to Ashish Thakkar, founder of Mara Group and a leading British-East African entrepreneur, the fund, which is expected to make its first investments within three to six months, will target key tech ecosystems across the continent.
The deal, sealed during the Future Investment Initiative in Saudi Arabia, targets vibrant startup ecosystems in South Africa, Nigeria, Kenya, Ivory Coast, and Egypt.
With the youngest and fastest-growing population globally, Africa is turning to technology to address challenges like infrastructure gaps.
Key cities like Cape Town, Johannesburg, Nairobi, and Ebene are emerging as tech hubs, as noted in a report by New World Wealth and Platform45.
Startupbootcamp, a global accelerator network with a portfolio worth $6 billion, is a critical partner in the venture.
Thakkar highlighted the importance of scale in investing, stating:
“We’ve engaged in extensive angel investments as a group, but achieving economies of scale is crucial.”
The fund will focus on early-stage and pre-IPO rounds, with plans to evolve into multi-stage investments.
“This is a strong start,” Thakkar said. “Our long-term vision includes creating both early and later-stage funds.”
Thakkar, who co-founded Atlas Mara Ltd., views the initiative as a pivotal opportunity to strengthen Africa’s tech ecosystems.
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
Eleven African nations are set to receive a share of a $16.2 million project aimed at establishing National Broadband Mapping Systems.
Egyptian online auto parts marketplace Mtor has secured $2.8 million in pre-seed funding, led by venture capital firm Algebra Ventures, with participation from notable investors, including Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital Management, and several prominent local and global angel investors.
Orca, a South African startup tackling fraud in emerging markets, has successfully secured $550,000 in a pre-seed funding round.
© 2021 Empower Africa. All rights reserved.